With USD/CAD reluctant to weaken further following its Friday negative candle formation, the risk is for it to recapture the 1.0567 level.
Resistance resides at the 1.0600 level, its psycho level with a breach of here opening the door for more gains towards the 1.0600 level followed by the 1.0650 level.
Its daily RSI is bullish and pointing higher supporting this view.
Conversely, support lies at the 1.0444 level where a reversal of roles is likely to occur. Further down, support comes in at the 1.0317 level with a breach targeting the 1.0244 level.
A cut through here will resume its weakness towards the 1.0200 level followed by the 1.0150 level. All in all, USDCAD now faces further bull threats.
Guest post by FX Tech Strategy